US Steel has announced its financial and operational results for the first quarter of this year, reporting net earnings of $171 million on net sales of $4.16 billion, compared to first quarter 2023 net earnings of $199 million on net sales of $4.47 billion.
In the given period, total steel shipments totaled 3,803,000 nt, compared to 3,951,000 nt in the same quarter last year. In the meantime, raw steel production for all segments in the first quarter totaled 4,053,000 nt, compared to 4,415,000 nt in the same quarter of 2023.
In the first quarter this year, steel capacity utilization was 64 percent for flat rolled, compared to 74 percent in the first quarter of 2023; 65 percent for tubular products, against 77 percent in the same quarter last year, and 87 percent for mini-mill operations, compared to 93 percent in the first quarter last year.
US Steel stated that it has recently commissioned its new state-of-the-art dual galvalume/galvanized coating line at its Big River plant, which will increase its product mix and meet customer demand. Also, the company said that it will commission its new mini-mill Big River 2 in Osceola, Arkansas, in the second half this year.
